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BREAKING NEWS: SMALL BUSINESSES GIVEN HOLIDAY GIFT OF NEW PPP

Jan 7 2020 ac chamber webinar

A second round of Paycheck Protection Program is now available to qualifying businesses. This program is different than the first round. The time to act is now. Qualifying for this lifeline is complex and there will be increased scrutiny but, with input from competent professionals, an enormous amount of forgivable loans may be obtained. Register for our webinar on this topic here.

It is official. President Trump signed the Stimulus Bill (the “Bill”), which will allow qualified businesses to obtain forgivable loans.  For some small businesses, including restaurants, funding may significantly exceed the amount received in the first round of the Paycheck Protection Program (the “PPP”), as the formula has changed.

There are several different programs that have been revamped which are similar but distinct from their previous versions including the PPP and Economic Injury Disaster Loans (“EIDL”).

While there are not currently published applications for these programs, it is important to be ready to apply as these funds are being issued on a first come first serve basis, with certain funds being allocated to different groups. This updated PPP  changes the terms, conditions, and eligibility of businesses.  There are also changes to the original PPP loans with respect to forgiveness and tax attributes.  It also provides a second round of loans to select businesses which have already received PPP and EIDL funds. This includes new ways to calculate the amount of PPP funds and may result in larger amounts.

Join us for our webinar on this topic with the Greater Atlantic City Chamber on Jan. 7 at 9 a.m. Register here.

The PPP funds remain  forgivable if used pursuant to the terms of the Bill for payroll and other allowable expenses. The definition of allowable expenses has been expanded to include other expenses include PPE equipment.  If a business did not apply for PPP funding, that business may be subject to different eligibility requirements.

There are other stimulus programs included in the Bill that target specific industries, including the transportation industry. These programs are complex and open to interpretation.

Bottom line, if you are a Small Business, the time to act is now. Qualifying for this lifeline is complex and there will be increased scrutiny but with input from competent  professionals, an enormous amount of forgivable loans may be obtained.

For more information contact:

Eric Browndorf, Co-Chairman of Small Business Advice Group and Chairman of Restructuring Group at ebrowndorf@cooperlevenson.com, 609 572-7538 or Jarad Stiles, Partner and member of Small Business Group, Restructuring Group and Tax Group at jstiles@cooperlevenson.com.

Join us for our webinar on this topic with the Greater Atlantic City Chamber on Jan. 7 at 9 a.m. Register here.

In this session, we will carefully unpack the pertinent sections of the 5,500+ page relief package and help you understand how these new provisions will impact:

  • Your existing PPP loan
  • What is different from the prior application process
  • Seasonal businesses
  • Entertainment venues, event promoters, and other live venues
  • Specific targeted relief such as transportation companies
  • Eligibility requirements for 501c6s
  • Those with previous PPP denials
  • New allowable use of proceeds of PPP Loans

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